The bull market may last for another 5 months

Let's talk about recent hot topics in the crypto space

1. US stocks are clustered with 'MicroStrategy clones'

• What is a 'MicroStrategy clone'? Simply put, it is a model that imitates the publicly traded company MicroStrategy by purchasing Bitcoin in the name of the company, turning itself into a 'Bitcoin concept stock' to attract retail investors to buy shares.

• Why the clustering? Because the market loves to speculate on Bitcoin themes, this model has traffic, has room for hype, and the company's valuation can also increase.

• Essence: These companies are not genuinely engaging in any core business but are using 'Bitcoin' to package themselves, leveraging investors' emotions toward BTC to grab attention.

2. The issuer of USDC (Circle) is raising funds for an IPO, with a valuation of $7 billion

• Circle is the issuer of the USDC stablecoin, which is one of the cryptocurrencies pegged to the US dollar, typically used for transfers, DeFi collateral, and trading intermediaries.

• Circle is now preparing for an IPO, with a market valuation estimated at $7 billion.

• The issue is: USDC's growth has already slowed, the overall growth of the stablecoin market has stagnated, and Circle's choice to raise funds for an IPO at this time seems like 'cashing out at a high point.'

3. The Pump project raised $1 billion and issued tokens, with a valuation of $4 billion

• Pump is a new crypto project that has not yet achieved substantial results but has already raised $1 billion, directly valuing itself at $4 billion with token issuance.

• This 'first tell a story, first raise money, then develop' model is a common tactic from the last bull market—using money to create hype and pushing the token price with that hype.

• It seems like 'great development,' but it is very likely to be 'cashing out.'

In summary: These hot events may be the market's 'last carnival'

From these three events, it can be seen that certain capital in the crypto market is:

• Attracting traditional stock investors with Bitcoin narratives (clones)

• Packaging stablecoin businesses for IPO (cashing out at high valuations)

• Creating hype and issuing tokens through large amounts of financing (creating bubbles)

These all seem like 'the starting point of the bull market,' but without fresh capital continuously entering the market, this may very well be the last wave of capital 'cashing out and fleeing.' Referring to the last bull market, after Coinbase's IPO, the bull market entered its final crazy stage, and within 5 months, the bull market ended.